New highs for BTCUSD, all eyes on 30K

Bitcoin has recorded another new high in early Asian trade, with bulls pushing price as high as 29280 before coming off a little to settle just below 29200 at the time of writing.

We are now trading above the hourly channel top and 150% bear market extension for the third time this week and bulls will be setting their sights on the 161.8 extension just shy of 30200:

This would be an ideal spot for the trend to take a breather and could possibly lead to a larger correction, but bulls have been awfully stubborn thus far, ignoring multiple lower time frame reversal candles.

Our BeatingBitcoin trend following strategy remains long from 19200 and bullish above 25600.

Pair has come off a bit more to 28400 as I finish this post, with bears attempting to push back inside the channel and below the 150% extension, we'll soon see how this tug-o-war plays out.

Posted Using LeoFinance ^Beta